Nisus Finance Services Co Limited has successfully exited its self-redevelopment housing project, Vishwasangam, in Mumbai with an IRR of approximately 21 per cent. The company initially invested INR 22 crore in the Pestom Sagar area of Ghatkopar, partnering with two housing societies and Trilogy Developers. As the first institutional investor in a society-led redevelopment, Nisus Finance provided both financial and strategic support over several years. The project combined commercial and residential elements to offer affordable redevelopment. This achievement highlights significant real estate investment in India, demonstrating confidence in navigating regulatory challenges and limited institutional funding within Mumbai's evolving redevelopment market.Read more

With Navi Mumbai airport nearing operations, the Maharashtra government has kick-started plans for a third airport in Palghar near Vadhavan port. The Maharashtra Airport Development Company (MADC) has floated a request for proposals for the same. The Vadhavan port, situated 130 km from Mumbai, is being planned in two phases with completion by 2039. The port, which is part of the India-Middle East-Europe Economic Corridor, will be one of the world's top 10 ports and will need an estimated investment of INR 76,200 crore. The proposal for the third airport was discussed earlier while the Maharashtra Vikas Aghadi (MVA) government was in power, with the consideration given to areas in the Palghar district. The action comes as the region's infrastructure needs expand, especially since Mumbai's primary airport runs at almost full capacity. At the same time, Navi Mumbai airport is slated to be opened by May or June, starting with domestic flights before opening for international flights in July.Read more

The Mumbai Metropolitan Region Development Authority (MMRDA) plans to generate nearly INR 6,000 crore by leasing seven land parcels in Bandra Kurla Complex. Despite strong interest in three commercial plots, residential plots have seen little demand. The auction, offering 80-year leases on 10 plots designated for commercial, residential, healthcare, education, and recreational uses, includes competitive reserve prices. With built-up potentials reaching up to 45,000 square metres on commercial sites, the authority aims to boost finances amid a funding shortfall. This move is a key development in the Mumbai property market, supporting extensive infrastructure investments across the region.Read more

Navi Mumbai Municipal Corporation (NMMC) has been included in the 'Super Swachh League' along with Indore and Surat in the Swachh Survekshan rankings. A 21-member study group from the Indian Institute of Management (IIM) Indore recently visited NMMC to understand wastewater management practices. The delegation explored key infrastructure, including the sewage treatment plants and recycled water usage. Additionally, a special meeting led by Municipal Commissioner Dr. Kailash Shinde was held with construction professionals, architects, and contractors to encourage the use of tertiary treated water for construction and industrial purposes. Experts highlighted the benefits of treated water in reducing dependency on drinking water, with industry representatives expressing their willingness to cooperate.Read more

Enzyme Office Spaces has rented out 14,000 square feet of office space to Sugar Cosmetics at its facility in Andheri East, Mumbai. Originally leased from House of Hiranandani, the space was intended for Enzyme's own coworking centre but will now be fully occupied by Sugar Cosmetics for its five-year expansion plan. The lease provides seating for about 300 employees. Enzyme's CEO, Ashish Agarwal, highlighted the growing demand for flexible office spaces, especially in major cities. This agreement reflects the increasing trend of businesses choosing managed office solutions to meet their evolving needs.Read more

Zaheer Khan, accompanied by his wife Sagarika Ghatge and her brother Shivjeet Ghatge, recently bought an apartment in Lower Parel, Mumbai, for INR 11 crore. The spacious apartment, located in Indiabulls Sky, offers 2,158 sq ft of carpet area and 2,590 sq ft of built-up space. The deal involved a stamp duty of INR 66 lakh and a registration fee of INR 30,000. The transaction was completed in February 2025. The current average resale price in the project stands at INR 49,096 per sq ft.Read more

The Economic Offences Wing (EOW) of the Mumbai police has established a special investigation team (SIT) to examine alleged financial irregularities in contracts awarded for desilting the Mithi river. The investigation, covering the period between 2005 and 2023, focuses on misappropriation of funds amounting to approximately INR 1,100 crore. Officials have identified 18 contractors involved in these projects, and three have already been summoned for questioning. The probe also extends to contracts related to sludge removal and the river's beautification. The Brihanmumbai Municipal Corporation (BMC) has been systematically desilting major and minor nullahs, with a significant portion of the silt removal occurring before the monsoon season.Read more

Protean eGov Technologies has secured a lease for 68,021 sq ft of office space at One International Center in Lower Parel, Mumbai. The lease, facilitated by Colliers India, spans five years at a monthly rental rate of INR 185 per sq ft. The company aims to establish an innovative workspace aligned with its mission of digital governance. The commercial real estate sector continues to thrive, with Mumbai witnessing a fourfold increase in Global Capability Centres (GCCs) uptake in 2024. Additionally, recent large-scale office space transactions, including those by NPCI and HDFC Bank, indicate strong demand in Mumbai.Read more

The Brihanmumbai Municipal Corporation (BMC) has temporarily suspended its plan to concretise the Auxilium Convent Road in Pali Hill after strong opposition from local residents. The decision followed a formal complaint highlighting concerns about dust pollution, environmental damage, and access issues for emergency vehicles. BMC Commissioner Bhushan Gagrani directed civic officials to engage with residents before proceeding further. Similar opposition has been observed in other parts of Mumbai, including Bandra West, Colaba, and Marine Drive, where citizens have urged the civic body to prioritise roads in poor condition rather than reconstructing those in good shapeRead more

The Brihanmumbai Municipal Corporation (BMC) has taken stringent action against tax defaulters by attaching 18 under-construction buildings of DBS Realty in Sangharsh Nagar, Chandivli, to recover outstanding property tax amounting to INR 179 crore. The civic body has issued notices under Section 203 of the Mumbai Municipal Corporation Act, warning that if the dues are not cleared within 21 days, an auction will be initiated. The BMC has set a property tax collection target of INR 6,200 crore for 2024-25 and has already collected INR 4,823 crore. The BMC has listed 500 defaulters, including leading real estate developers and government bodies, with total pending dues soaring to INR 5,397 crore.Read more

A special court in Mumbai recently approved the auction of 13 properties belonging to Gitanjali Gems Limited, a company owned by fugitive diamond trader Mehul Choksi, the primary accused in the Punjab National Bank (PNB) loan fraud case. The court ruled that maintaining idle properties would result in depreciation. These properties include residential and commercial units in Mumbai and Surat. The Enforcement Directorate (ED) had no objection to the liquidator's plea, and the sale proceeds will be deposited as fixed deposits in favour of the court. Choksi has been residing in Antigua since 2018, while investigations into his financial misconduct continue.Read more

Arun Nair

A major fire broke out in Mumbai's Oshiwara furniture market on 11th February, gutting at least ten shops. Although no casualties were reported, shop owners estimated their losses exceeding INR 20 crore, particularly devastating as they were still recovering from a similar fire incident in March 2023. The blaze, which began in a furniture godown, quickly spread to adjacent shops. Over 20 fire engines and water tankers were deployed to control the fire, categorised as Level 2 (major). The cause of the fire remains unknown. In the past few months, Mumbai has witnessed multiple fire incidents. As per government data, over the past three years, Mumbai has recorded approximately 13,000 fire incidents, resulting in 65 deaths and 473 injuries.Read more

Google India Private Limited and Google Cloud India Private Limited have extended their office space leases in Mumbai's Bandra-Kurla Complex (BKC), one of India's most expensive commercial districts. The renewal agreements, covering office spaces in the First International Financial Centre (FIFC), amount to a total rental expenditure of INR 304 crore over five years. Google India has secured two floors spanning 1.10 lakh sq ft for a monthly rent of INR 3.55 crore, while Google Cloud India has leased a single floor measuring 38,678 sq ft for INR 1.24 crore per month. The agreements, effective from June 2025, include a 15% rent escalation clause after 36 months.Read more

The Maharashtra Housing and Area Development Authority (MHADA) is set to introduce a new online system for lease deed conveyance in Mumbai, aiming to reduce delays and bureaucratic hurdles in property transactions. The digital platform will allow residents and developers to apply, track, and manage lease documents online, enhancing transparency and efficiency. This initiative aligns with the government's digitization efforts and could boost investment in Mumbai's housing sector. As affordable housing demand rises, MHADA's move seeks to simplify real estate processes, ensuring smoother transactions and better housing resource management in the city.Read more